USA Today publisher Gannett’s (GCI) CFO Gracia Martore, speaking at a UBS digital media conference, this morning said shewas “comfortable” with the high end of analysts’ estimate range of 48 cents to 62 cents for Q4. Miami Herald owner The McClatchy Company (MNI) was at the same conference yesterday and offered positive remarks about Q4 advertising growth, boosting its stock 10%.
Martore’s remarks were accompanied by projections for 2010, including “high single digits” decline in headcount in the print publishing part of the business, and “low single digits” decline in Gannett’s digital media division. The company plans to put more money into digital while costs decline for the print and broadcast divisions. Correction: An earlier version of this post implied that Gannett was laying off personnel in print & digital. In fact, the year-over-year decline in both units is primarily a result of layoff activities taking place this year. My apologies for any confusion caused by the error.
Gannett shares are off 2 cents, a fraction of a percent, at $11.74, after briefly spiking following the presentation.
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